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Play, download and edit the free video Team Call Sep 3.

Team Call Sep 3

Lisa Harris is a new 72SOLD agent who did an amazing job with her listing presentation video. She said video is the future of the industry. She uses video even when she wants to send a client a quick message, or to confirm an appointment. She said “If you’re afraid of video...take the video, don’t watch it, just send it.” The first minute of her video is posted in the Facebook group. Welcome aboard Lisa!

Teresa went to the Porsche dealership to buy a new car and they charged her double on her interest rate, so she refinanced at her own bank. She also wanted some upgrades (tint, etc.) and the dealership promised they would have a Porsche loaner car for her to drive. Instead, they sent her to Enterprise to get a rental. They “upgraded” her to a Chevy Malibu. It was filthy and only had a half a tank of gas. She got the Porsche manager on the phone and he said she would have to talk to Enterprise. Teresa said the big takeaway is that even though we’re in a great economy and selling a lot of homes, you still need to “slow down and give clients your time and attention.” She also gave the language she uses in the MA when she goes on an appointment in which the home is already listed. It’s posted in the Facebook group.

Sarah Perkins

National Real Estate (Tool Belt Items):
For the second month in a row, NAR’s Pending Home Sales Report declined. In July it dropped 1.8% from June and is down 8.5% year over year. The west was the only region to see a month over month increase but remained 5.7% below July 2020. Expect all year over year data to be negative through the end of the year as our market normalizes, 2020 was an anomaly.
The median single family home sales price declined last week by $900 to $389,000.
Because sales prices have declined slightly since July when it reached $399,900, the year over year appreciation rate is declining. At $389,000; single family homes are up 10% year over year. If you have clients that mention the Case-Shiller National Home Price Index that was released this week stating that home prices are up 18.6% year over year; that is true but the report is looking at June’s sales, not last week’s. Case-Shiller is used by Wall Street analysts and the federal government. It is very accurate and useful for industries and businesses that do not need to focus on the most timely data.
Last week was the first week in 16 weeks that single family inventory did not increase. It remained flat week over week at about 431,000 which is a 40% increase from the bottom we hit on April 30 at 307,000. Despite the significant increase, inventory remains tight. Experts are not sure if this is a blip or if inventory is leveling out far lower than expected. This has been happening in Greater Phoenix for about the past three weeks.

The Federal Reserve:
While the Fed has stated that it will likely begin tapering its bond and mortgage backed security purchases as early as this year, a few things have to happen first. 1.) inflation stabilization and decline 2.) low unemployment 3.) declining COVID rates. Once those happen and the Fed will announce the start of the tapering, expect rates to jump as much as half to one percent. Rates are being artificially held down by the MBS and bond purchases.

Prior to 2008 the Fed’s balance sheet was less than $1 trillion. With the quantitative easing during the Great Recession the balance sheet jumped to $4.5 trillion. Now, after 18 months of bond and MBS purchasing the balance sheet is around $8.3 trillion.

Real Estate News:
The Biden Administration plans to help non-profits and owner-occupied buyers purchase GSE backed foreclosures before corporate investors have the opportunity to come in and purchase the properties.
Opendoor is now offering a self-guided, virtual home inspection for sellers. Owners who sell to Opendoor will have the option to do a 30 minute virtual walk through with an Opendoor representative or have the more formal two to four hour home inspection. Opendoor will still do an in-person exterior inspection.
The top 10 markets for investors in 2020 (not in order) were Corpus Christi TX, Boise ID, Kansas City MO, Atlanta GA, Memphis TN, Salt Lake City UT, Wichita KS, Provo UT, Phoenix AZ, Springfield MO.
29% of new home inventory has yet to break ground.
In 2019, 53% of Americans wanted a bigger home, today that number has risen to 60%. This is true regardless of age, race, and education.
According to a report Zillow released on Wednesday, the average 2021 homebuyer is 45 years old, has a significant other, graduated from college, and will likely purchase a home in the south. Some other fun facts from the report:
The biggest group of buyers at 26% are aged 30-39.
40% of buyers have kids under 18 living with them.
44% bought in the suburbs, 38% in cities, and 19% in rural areas.
50% have at least one dog and 39% have at least one cat.
37% were first time home buyers, down from 43% in 2020.

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